No new tax for property investors
At his opening speech to parliament, the Prime Minister indicated that the Government has ruled out proposals to introduce a land tax, comprehensive capital gains tax or new tax on residential investment properties.
The move is a welcome one for property investors, particularly those who have been sitting on the sidelines waiting to find out what, if any, new rules would be put in place that would affect their investment goals.
Announcing that these proposed taxes will not be introduced has given property investors some more certainty around their investments and it is now expected that more people will enter the property market with investment in mind.
There still will be some tax changes that will affect property investors, so keep an eye out for the May Budget to see the final tax package.
For those who are now considering property investment, it is a good idea to have a thorough understanding of your financial options prior to beginning the search for a new property.
A properly structured investment loan, tailored to suit your personal financial situation and overall investment goals, is a key component of any successful investment.